Rally likely to extend on positive Asian cues

Indian markets are expected to continue with the jubilation with a positive start as cues from Asian peers are supportive. The SGX Nifty suggests that the Nifty could at 10,759 with gains of 9 points at the opening bell.  

ICICI Lombard General Insurance, MCX, Reliance Nippon Life Asset Management, Agro Tech Foods, Den Networks, Hatsun Agro Products, Jay Bharat Maruti, Network 18, SH Kelkar, TV 18 are some of the key companies scheduled to announce their results today.  

Majority of Asian indices are trading with optimism on Tuesday. The Japanese stock market has gained 131 points to 23,846, Hong Kong’s benchmark Hang Seng Index has surged 267 points to 31,606 and China’s Shanghai Composite has risen 5 points to 3,415.   

Back home, bulls tightened their grip on Dalal Street and key indices traded jubilantly throughout the session with Sensex and Nifty surpassing their crucial 34,800 and 10,700 levels, respectively, and  hitting fresh record highs. Star performer of the day was mortgage lender HDFC as it surged over 6%. Sector-wise, Nifty Fin Services gained about 2.40%, followed by Nifty Pvt Bank. On the other hand, selling was seen in Nifty Auto, followed by Nifty IT and Nifty Pharma.  

The US stock markets were closed on Monday on account of Martin Luther King Jr. Day.  

The European stock markets ended with modest losses on Monday, following two weeks of gains, as trading activity remained subdued due to the holiday in the United States. The DAX of Germany weakened by 0.34%, CAC 40 of France finished lower by 0.13% and the FTSE 100 of the UK fell 0.12%.